When the amount due to retiring partner is paid by cheque, which account is credited?

None of the above

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Cash/ bank account

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Profit & loss account

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Retiring partner`s account

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is B
Cash/ bank account

When the amount due to retiring partner is paid by cheque, Bank account is credited

Suggest Corrections

Similar questions

Retiring partner`s capital account is ___ when the sum due to him is paid.

On retirement, the capital account of the retiring partner shall be credited with ……….

Join BYJU'S Learning Program